Canvass Analytics raises $5M led by Gradient Ventures, Google’s AI fund | Industry
Canvass Analytics, an AI-based predictive analytics platform that helps streamline industrial operations, announced today that it has raised $5 million in funding led by Gradient Ventures, Google’s AI investment fund. Bedrock Industries, Viaduct Ventures and returning investors Real Ventures and Barney Pell also participated.
This brings Canvass’ total raised so far to $7.5 million. The Toronto-based startup tells TechCrunch that the new capital will be used to pursue “aggressive sales growth,” with expanded account and technical sales teams in North America, the European Union and Asia, with the goal of signing up more Fortune 500 companies. Many of the companies it serves are in the automative, aerospace, food and agriculture, energy and metals and mining sectors.
Founded in 2016, Canvass’ analytics platform works with IoT hardware to automatically identify inefficiencies in industrial operations and prevent equipment malfunctions, save energy and increase production. For example, Canvass says it has helped manufacturers reduce greenhouse gas emissions by tens of millions of pounds and also helped an agricultural processing company figure out the best end time for fermentation.
In a statement to press, Gradient Ventures founding partner Ankit Jain said “Autonomous operation is the holy grail of manufacturing and AI is the game-changer that is making it a reality across the industrial landscape. We’re backing Canvass Analytics because of its unique approach to implementing AI and predictive analytics quickly and in an automated manner, without the need for lengthy and often cost-prohibitive consulting engagements.”